Because the Bank of Illinois was beholden to state policy, and because the state legislature forced the bank to support real estate, Homer Hoyt, land economist and real estate appraiser, states that the Bank of Illinois may not have been charging appropriate interest rates given the probability of default.
In 2006, University of Florida professor Grant Thrall, donated his small amount of corporate shares to Homer Hoyt Institute.
The first recorded pioneer of studying property cycles was Homer Hoyt (1895–1984) in 100 Years of Real Estate Values in Chicago (1933, reissued by Beard Books, 2000, ISBN 1-58798-016-9).
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